Tradewinds Corp buys land near former Istana Negara for RM258 million

Tradewinds Corporation Berhad (Tradewinds Corp) today announced the acquisition of 12.2 acres of land for a cash consideration of RM258 million. The company will fund the purchase from internally-generated funds.

Tradewinds Corp is a diversified conglomerate with key interests in hospitality and property development owned by Tan Sri Syed Mokhtar Albukhary.

The acquisition of the land, situated within the green enclave of Jalan Belfield in the vicinity of the former Istana Negara and the upcoming KL118 project (Warisan Merdeka), kick starts Tradewinds Corp’s maiden mixed-use development.

The development of the first parcel of 9.3 acre with a gross development value (GDV) of RM3.8 billion will comprise high-quality residences centered on a niche eco-friendly retail component, and will be carried out in six phases.

Construction on Phase 1 of the first parcel will commence early next year and the project will be open for sales shortly after.

According to Datuk Wira Azhar Abdul Hamid, Group Managing Director, Tradewinds Corp, the company’s market driven strategy is to develop properties to cater to the evolving and discerning desires of Malaysians.

“Our six-phase Belfield development perfectly aligns with this approach. Its location along Jalan Belfield and the proximity to several mega projects and the city centre will help unlock significant value and establish bankability for our potential buyers,” Datuk Wira Azhar said.

The advent of the Belfield development will complement Tradewinds Corp’s other upcoming projects such as Menara Tun Razak, Bukit Bintang Plaza and Tradewinds Square and further its commitment to become the benchmark for living and working spaces for future generations.

In establishing Tradewinds Corp as a reputable urban property developer and a leading hospitality player, the company is already engaging with potential strategic partners to develop its existing land banks in excess of 4,000 acres across Malaysia.

“Besides having a steady project pipeline in place, we will be in a strong position to influence the future of property development in Malaysia,” Datuk Wira Azhar added.